Powters Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03482369

Powters Limited

Unaudited financial statements

31 December 2024

Powters Limited

Statement of financial position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	5		117,465		95,164

Current assets

Stocks		86,993	77,358
Debtors	6	207,412	186,977
Cash at bank and in hand		209,866	294,809
		---------	---------
		504,271	559,144

Creditors: Amounts falling due within one year	7	( 166,442)		( 193,692)
		---------		---------
Net current assets			337,829		365,452
			---------		---------
Total assets less current liabilities			455,294		460,616

Creditors: Amounts falling due after more than one year	8		( 16,803)		( 32,862)

Provisions

Taxation including deferred tax	1,275	4,480
	---------	---------
Net assets	439,766	432,234
	---------	---------

Capital and reserves

Called up share capital	182,000	182,000
Profit and loss account	257,766	250,234
	---------	---------
Shareholders funds	439,766	432,234
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Powters Limited

Statement of financial position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 31 March 2025 , and are signed on behalf of the board by:

G W Powter

Director

Company registration number: 03482369

Powters Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wellington Street, Newmarket, Suffolk, CB8 0HT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property improvements	-	5% straight line
Plant and machinery	-	15% straight line
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of employees during the year was 20 (2023: 20 ).

5. Tangible assets

	Long leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	123,629	430,881	52,065	606,575
Additions	–	35,826	–	35,826
	---------	---------	-------	---------
At 31 December 2024	123,629	466,707	52,065	642,401
	---------	---------	-------	---------
Depreciation
At 1 January 2024	61,933	417,331	32,147	511,411
Charge for the year	3,629	4,916	4,980	13,525
	---------	---------	-------	---------
At 31 December 2024	65,562	422,247	37,127	524,936
	---------	---------	-------	---------
Carrying amount
At 31 December 2024	58,067	44,460	14,938	117,465
	---------	---------	-------	---------
At 31 December 2023	61,696	13,550	19,918	95,164
	---------	---------	-------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2024	14,938
	-------
At 31 December 2023	19,918
	-------

6. Debtors

	2024	2023
	£	£
Trade debtors	83,156	103,482
Other debtors	124,256	83,495
	---------	---------
	207,412	186,977
	---------	---------

7. Creditors: Amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	132,748	151,325
Social security and other taxes	7,475	10,097
Other creditors	16,219	22,270
	---------	---------
	166,442	193,692
	---------	---------

Included in other creditors are hire purchase agreements of £6,054 (2023: £5,554) secured against the assets to which they relate.

8. Creditors: Amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	5,005	15,010
Other creditors	11,798	17,852
	-------	-------
	16,803	32,862
	-------	-------

Included in other creditors are hire purchase agreements of £11,798 (2023: £17,852) secured against the assets to which they relate.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	–	1,501
Later than 1 year and not later than 5 years	–	4,503
	----	------
	–	6,004
	----	------

10. Directors' advances, credits and guarantees

Included within debtors at the year end is a directors loan account of £45,193 (2023: £42,755). The maximum overdrawn balance during the year was £86,479. Interest of £955 was charged at the office rate.